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28/06/2013
UK House Prices Increase In June
According to the Nationwide, UK house prices increased by 0.3% in June.
The building society said the results were helped by the Government's Funding for Lending Scheme and improving job prospects.
The annual rate of price growth jumped to 1.9%, its fastest rate since September 2010, bringing the average cost of a house to £168, 941.
Despite the positive results, however, Nationwide said there were few signs of the housing market improving.
Robert Gardner, Chief Economist at Nationwide, explained: "Demand for homes has been supported by further modest gains in employment, as well as an improvement in the availability and a reduction in the cost of credit, partly as a result of policy measures, such as the Funding for Lending Scheme.
"Signs of a modest improvement in wider economic conditions may also be playing a role in boosting buyer sentiment.
“At the same time, there are few signs that the supply of housing is improving significantly. Indeed, construction data points to a further decline in building activity in recent quarters from already depressed levels.
"For example, in Q1 2013 housing completions in England were down 8% compared to the same period of 2012 and around 40% below the average number of quarterly completions in 2007."
Looking at annual price growth, London was the top performer, with prices up 5.2% in the second quarter year-on-year. Prices are now 5% above their 2007 peak of £318,214.
However, annual price growth in Wales and Scotland continued to decline, while Northern Ireland was the worst performer, with prices dropping by 2.1% in the quarter from a year earlier.
(JP/CD)
The building society said the results were helped by the Government's Funding for Lending Scheme and improving job prospects.
The annual rate of price growth jumped to 1.9%, its fastest rate since September 2010, bringing the average cost of a house to £168, 941.
Despite the positive results, however, Nationwide said there were few signs of the housing market improving.
Robert Gardner, Chief Economist at Nationwide, explained: "Demand for homes has been supported by further modest gains in employment, as well as an improvement in the availability and a reduction in the cost of credit, partly as a result of policy measures, such as the Funding for Lending Scheme.
"Signs of a modest improvement in wider economic conditions may also be playing a role in boosting buyer sentiment.
“At the same time, there are few signs that the supply of housing is improving significantly. Indeed, construction data points to a further decline in building activity in recent quarters from already depressed levels.
"For example, in Q1 2013 housing completions in England were down 8% compared to the same period of 2012 and around 40% below the average number of quarterly completions in 2007."
Looking at annual price growth, London was the top performer, with prices up 5.2% in the second quarter year-on-year. Prices are now 5% above their 2007 peak of £318,214.
However, annual price growth in Wales and Scotland continued to decline, while Northern Ireland was the worst performer, with prices dropping by 2.1% in the quarter from a year earlier.
(JP/CD)
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Northern Ireland WeatherToday:After a dry start this morning rain will spread from the northwest across all parts. This afternoon will be dull with some patchy rain and drizzle. Becoming much milder through the afternoon. Maximum temperature 11 °C.Tonight:A cloudy evening and night with a little light rain or drizzle, perhaps some clear periods developing along the east coast. A very mild night everywhere. Minimum temperature 10 °C.
